Lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year
Measure of financial wealth
Money spent
An individual’s income earned as salary or wages before taxes and other deductions
When expenses are greater than income
Everything a person owns with monetary values
The portion of current income not spent on consumption
payment, usually monthly, applied to the balance of a home loan used when purchasing housing
A debt or obligation owed to others
When income is greater than expenses
Income and Expense Statement
Gross income
Net gain
Expense
Net Worth
Assets
Savings
Mortgage
Liability
Net loss